The U.S. Energy Information Administration raised its 2020 forecasts for West Texas Intermediate and Brent crude oil prices and U.S. crude-oil production, according to the Short-Term Energy Outlook report released Wednesday. The EIA pegged its 2020 WTI oil price forecast at $38.99 a barrel, up 1.3% from its August forecast. It also lifted its Brent crude price forecast by 1.2% to $41.90 for 2020. The agency expects U.S. crude production of 11.38 million barrels a day this year, up 1.1% from the previous view. The EIA also lifted its forecast for natural-gas prices to $2.49 per million British thermal units, up 5.8% from the previous view.
Source: EIA and Marketwatch
